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Capital Market Linkages: How to facilitate cross border trading - OIC

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<strong>Capital</strong> <strong>Market</strong> <strong>Linkages</strong>Points for consideration while selecting the right modelDeutsche Börse Group, 02 Oc<strong>to</strong>ber 2010Regula<strong>to</strong>ry SituationDirect membership mutually possible?Time Zone & Geographical DistanceOverlapping <strong>trading</strong> hours?Costs of technical connections?Jurisdiction<strong>Capital</strong> or any other restrictions in place?Conflict of InterestsBusiness of local brokers?Question of “growing the pie”?PotentialFramework for<strong>Capital</strong> <strong>Market</strong><strong>Linkages</strong>Clearing & SettlementEfficient transfer of securities possible?<strong>Market</strong> DataAccess <strong>to</strong> each other‟s market pricesand company data?IT SolutionsInterfaces between <strong>trading</strong> systems?Common technical Standards (FIX)?Re-use of member network possible?Cus<strong>to</strong>mer DemandLocal inves<strong>to</strong>rs„ level of knowledge aboutthe partner‟s markets‟ securities?<strong>How</strong> <strong>to</strong> achieve sufficient liquidity?9

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